Everyone knows Fomo but do you know his brother?
Fomo's brother who is he?
A lot of people don't know but next to fomo (fear of missing out) there is another annoying feeling that we go through as traders and that is what I call fol (fear of loss). Best way to explain this feeling is by telling you all about an example.
An example of Fol
You know that you should buy at a 0.618 or even 0.786 fibonacci retracement of a run up, however the price is falling to the 0.5 and getting really stable there, so deep within yourself you know you should buy. You are however not buying because you have this fear of loss and your initial plan was to buy it at the 0.618 - 0.786 zone of the run up. After a few hours you see it going up and you think to yourself "I could've been in this rally"
It's okay to miss out due to Fol
The most important thing is to trade according to your plan. If your plan was to buy at the 0.618 - 0.786 zone of a retrace then you have to wait patiently for it to come down there and not change your plan to 0.5 zone is now good enough and just go with it. What if it just fakes you out at the 0.5 line and it still comes down to the zone you want to buy in which is the 0.618 - 0.786 zone.
Always stick to your trading plan.